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Below you will find an update of recent and upcoming IFAC Translations & Permissions news. One of IFAC's primary objectives is to contribute to the development of international standards and guidance that enable accountants worldwide to provide high-quality services in the public interest. To achieve this objective, IFAC strives to make its publications widely available by enabling individuals to freely download them from its website and permitting interested parties to reproduce and translate them.
In this Issue
1. Highlights of 2011 Translations Achievements to Date
IFAC continues to encourage a single, high-quality translation per language, and is pleased to highlight the following recent completed translations:
If you know of other translations not currently listed in the translations database, or if you would like to translate one or more of our publications, please contact us at permissions@ifac.org.
2. IFAC and the World Bank Partnership
IFAC and the World Bank have signed an agreement to be joint translating bodies for the Spanish translation of the 2011 Handbook of International Public Sector Accounting Standards. A Call for Nominations for Principal Translator and several Review Committee members was issued, and 24 high-quality nominations representing 14 countries were received. Based on the recently signed agreement between IFAC and the IFRS Foundation, this project will use the Spanish translation of IFRS as the basis for the translated IPSAS in order to achieve a high level of quality and consistency. Please see the upcoming issue of IFAC News for more details, including the names of the selected Principal Translator and Review Committee members.
3. Update on the Russian Translations Meeting
We previously reported on a meeting held at the 2010 World Congress of Accountants with representatives from numerous Russian-speaking organizations (mainly IFAC member bodies and associates) to discuss the possibility of collaborating on future Russian language translations of IFAC publications, including the IAASB's clarified standards. A project framework has now been established--led by the Russian Collegium of Auditors--to work toward a single, widely acceptable Russian language translation of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - Part 1. The project framework establishes a Review Committee consisting of two parts: experts and key stakeholders in Russia, and experts nominated from other Russian-speaking countries with an interest in using the translated standards. This translation will be performed using Trados translation memory software, which will help ensure a high-quality translation while also reducing processing time and the future need to perform multiple or new translations.
4. CReCER Highlights Need for Spanish and Portuguese Translations
Plenary and roundtable sessions held during the recent CReCER event in Buenos Aires, Argentina reinforced the need for high-quality and sustainable Spanish and Portuguese translations of standards and other materials published by IFAC in order to further adoption and implementation efforts in the region. We are seeing unprecedented cooperation to achieve a single and widely acceptable Spanish language translation of the IAASB's clarified standards, the Code of Ethics for Professional Accountants, and relevant implementation guidance documents from IFAC's Small and Medium Practices Committee. The Latin American Review Committee, consisting of representatives from IFAC member bodies in eight Spanish-speaking countries, is also making significant contributions to these translation efforts. The IFAC and World Bank partnership for the Spanish translation of the 2011 Handbook of International Public Sector Accounting Standards mentioned above is also a notable example of efforts to address some of the translation needs discussed during the CReCER event. Portuguese translations of the IAASB's clarified standards, as well as SME/SMP guidance documents, have also been performed and a Portuguese translation of the Handbook of International Public Sector Accounting Standards is in progress.
5. What to Watch for in Q3 and Q4
IFAC's Small and Medium Practices Committee's Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Second Edition, Guide to Quality Control for Small- and Medium-Sized Practices, Second Edition, and Guide to Practice Management for Small- and Medium-Sized Practices in Chinese and Spanish.
6. New IFAC Website Coming Soon
We are currently in the process of redesigning the IFAC website to better suit your needs. The new site will feature a clean and modern design, a more intuitive architecture/navigation, expanded content, and topical and timely issues and insights. Since our information will be organized around issues and outputs--and include cross-referencing and tagging--it will be easier to find the information you're looking for, as well as related resources.
We're looking forward to launching the site later in 2011, and to hearing your feedback.
7. Request for Translation Proposals
IFAC would especially welcome translation proposals for the following standards:
8. Important Notes Regarding IFAC Translations; Q&As and Other Resources
About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
In 2010, the IFAC Board reviewed IFAC's activities to support SMPs, and made targeted recommendations for improvements. These have essentially become the foundation of the SMP Committee's objectives--not only for 2011, but for the next several years. In this article, SMP Committee Chair Sylvie Voghel provides an update on the committee's implementation of the IFAC Board Recommendations.
This article, prepared by SMP Committee staff, summarizes key elements of the International Standard on Quality Control (ISQC) 1 and features five tips to help SMPs apply the standard in a cost-effective manner.
This memorandum provides background to, and an explanation of, the proposed International Education Standard (IES) 5, Practical Experience Requirements, approved for exposure by the International Accounting Education Standards Board (IAESB) at its May 2011 meeting.
The current version of IES 5 was published in May 2004 and became effective on January 1, 2005. IES 5 prescribes the practical experience IFAC member bodies should require their members to obtain before qualification as professional accountants.
This memorandum provides background to, and an explanation of, the proposed International Education Standard (IES) 1, Entry Requirements to Professional Accounting Education, approved for exposure by the International Accounting Education Standards Board (IAESB) at its May 2011 meeting.
The current version of IES 1 was published in May 2004 and became effective on January 1, 2005. IES 1 prescribes the entry requirements for an IFAC member body's program of professional accounting education and practical experience.